Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the National Credit Union Share Insurance Fund is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation.
Credit union members don’t need to apply to share insurance coverage as it’s provided automatically when they join a federally insured credit union. The Share Insurance Fund insures individual accounts at federally insured credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The fund is administered by the NCUA and is backed by the full faith and credit of the United States.
No one has lost a single penny of insured deposits at a federally insured credit union.
Members can calculate the amount of coverage your insured funds have at a federally insured credit union using the NCUA’s Share Insurance Estimator, which is available on the NCUA’s consumer website, MyCreditUnion.gov. The estimator can be used for personal, business or government accounts. Personal accounts include individual ownership, joint ownership, payable-on-death (accounts with named beneficiaries), living trusts and IRAs.
The Share Insurance Fund Estimator also includes an extensive glossary of terms and frequently asked questions.
How Do I know If My Credit Union is Federally Insured?
All federally insured credit unions must prominently display the official NCUA insurance sign at each teller station, where insured account deposits are normally received in their principal place of business and in all branches. Federally insured credit unions are also required to display the official sign on their website and where they accept share deposits or open accounts. No credit union may end its federal insurance without first notifying its members.
There are several state-chartered credit unions that are insured by private insurers. These private insurers provide non-federal share insurance coverage of deposits that are not backed by the full faith and credit of the United States.
As such, it’s important that members confirm their credit union is federally insured by visiting the NCUA’s Credit Union Locator tool.
Types of Accounts Insured by the Share Insurance Fund
Share insurance covers many types of share deposits received at a federally insured credit union, including deposits in a share draft account, share savings account, or time deposit such as a share certificate. Share insurance covers members' accounts at each federally insured credit union, dollar-for-dollar, including principal and any accrued dividend through the date of the insured credit union’s closing, up to the insurance limit. This coverage also applies to nonmember deposits when permitted by law.
- Single Ownership Accounts (owned by one person with no beneficiaries): $250,000 per member-owner
- Joint Ownership Accounts (two or more persons with no beneficiaries): $250,000 per owner (with the primary owner a member of the credit union)
- IRAs and Other Certain Retirement Accounts: $250,000 per member-owner
- Revocable Trust Accounts: Each member-owner is insured up to $250,000 for each eligible beneficiary named or identified in the revocable trust, subject to limitations and requirements
- Irrevocable Trust Accounts: Each owner (so long as all owners or all beneficiaries are members of the credit union) is insured up to $250,000 for each beneficiary named or identified in the irrevocable trust, subject to specific limitations and requirements. Coverdell Education Savings Accounts, formerly education IRAs, are insured as irrevocable trust accounts.
Note: A qualifying eligible beneficiary must be a natural person, or a charitable organization or non-profit entity under the Internal Revenue Code
These share insurance coverage limits refer to the total of all shares that account owners have at each federally insured credit union. This listing shows only the most common ownership types that apply to individual and family shares and assumes that all NCUA and share insurance coverage requirements are met.
Additional information can be found at the NCUA’s Share Insurance Estimator and in these FAQs. Members with questions about share insurance coverage, can call 1.800.755.1030, and selection option 1, Monday through Friday, 8 a.m. to 5 p.m. Eastern, or send an email to DCAmail@ncua.gov.
Accounts or Products Not insured by the Share Insurance Fund
The NCUA does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investment or insurance products are sold at a federally insured credit union. Credit unions often provide these services to their members through third parties, and the investment and insurance products are not insured by the Share Insurance Fund.
In locations where these investment and insurance products are offered or sold to members, credit unions are required to disclose that the products are:
- Not insured by the NCUA;
- Not deposits or other obligations of the credit union and are not guaranteed by the credit union; and
- Subject to investment risks, including possible loss of the principal invested.
In addition, the NCUA does not insure safe deposit boxes or their contents and it does not insure digital assets, such as cryptocurrencies.
Brochures and Videos
Credit union members can download, view, and print the following brochures, which are available in English and Spanish, for more information about their share insurance coverage. These brochures are also available on the NCUA’s consumer website, MyCreditUnion.gov.
- Share Insurance Coverage Overview — This one-page flyer is easy to follow and highlights the basic share insurance coverage provided by NCUA for various account ownership types.
English Spanish - How Your Accounts Are Federally Insured — This two-page pamphlet highlights basic share insurance coverage provided by NCUA for the various account types.
English Spanish - Your Insured Funds — This multi-page booklet provides a more in-depth look at NCUA’s share insurance coverage and includes examples to help you understand the protection provided.
English Spanish
These videos also provide information on the insurance coverage provided by the Share Insurance Fund.
